Singapore, Chile, New Zealand launch negotiations for green economy partnership
PM Wong and his counterparts launch the talks at the sidelines of Apec meetings in South Korea
[GYEONGJU] Singapore, Chile and New Zealand launched negotiations for a plurilateral Green Economy Partnership Agreement (Gepa) on Friday (Oct 31) morning, on the sidelines of the annual Asia-Pacific Economic Cooperation (Apec) meetings in South Korea.
At the launch, Singapore Prime Minister Lawrence Wong said he looked forward to a “substantial outcome” by the next Apec Summit.
Topics to be considered under the Gepa include new environmental goods such as sustainable aviation fuel; non-physical environmental goods such as carbon credits; and trade-related climate measures.
These were recommended by officials from the three countries after several rounds of discussions, under a joint working group on trade and the green economy established in November 2024.
The aim is to set common rules and standards in these areas, said PM Wong. In doing so, the Gepa will modernise trade and investment policies to support the flows of such goods and services, lowering barriers to trade while accelerating the green transition.
It will also unlock opportunities in the green economy for companies and create good jobs, he added.
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Collaborative spirit
“In the past, we have tended to see growth and sustainability as competing priorities,” said PM Wong in his speech at the launch. “But technological breakthroughs have challenged this assumption.”
Green energy sources are becoming viable alternatives to fossil fuels, and capital is flowing into low-carbon and energy-efficient solutions – showing that growth and sustainability can be mutually reinforcing, he said.
“Trade can facilitate our collective green transition, by facilitating cross-border flows of the goods, services, technologies and finance that enable it.”
New Zealand PM Christopher Luxon said that as the rapid pace of global regulatory change creates more complexity for businesses, countries must work together to help reduce the burden of compliance, with greater cooperation and coordination.
Pioneering partners
“Singapore is proud to partner Chile and New Zealand in this endeavour,” said PM Wong. “We may be three small countries, but we have a proven track record of pioneering innovative agreements together.”
He cited how the three countries and Brunei started the Trans-Pacific Strategic Economic Partnership, which evolved into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
The three countries also started the “first-of-its-kind plurilateral Digital Economy Partnership Agreement”, he added. “This continues to receive interest from other aspiring economies – a sign of the value which others see in it.”
Highlighting that the three countries are like-minded partners in sustainability efforts, Chile President Gabriel Boric flagged the value of the agreement as an example, saying: “I know other countries are looking to what we are doing.”
PM Wong encouraged the officials to be bold in developing the Gepa, and “look beyond conventional approaches, embrace new ideas, and draw on private-sector insights”.
“I am confident that by joining hands, we can turn trade into a force for good, catalysing economic growth while doing our part for the environment and global climate action.”
PM Wong is in Gyeongju for the 32nd Apec Economic Leaders’ Meeting, with the first session to be held later on Friday morning.
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